Coinbase（硬币）Q1 CY2025亮点：收入不超过预期，但销售额增长了24.2％，至2.03b美元

区块链基础设施公司Coinbase（NASDAQ：COIN）在第1季度CY2025的收入预期不足，但销售额增长了24.2％

Coinbase (NASDAQ:COIN) reported weaker than expected top-line results for the first quarter of 2025. The blockchain infrastructure company reported sales of $2.03 billion, up 24.2% year-over-year. Analysts had expected revenue of $2.08 billion. Its non-GAAP profit of $1.94 per share was 1.9% below the average estimate.

Coinbase（NASDAQ：COIN）报告说，2025年第一季度的一流结果弱。区块链基础设施公司的销售额为20.3亿美元，同比增长24.2％。分析师预计收入为20.8亿美元。其非GAAP每股1.94美元的非GAAP利润比平均估计值低1.9％。

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Here are the key takeaways from Coinbase’s Q1 report:

这是Coinbase Q1报告的关键要点：

* Company Overview: Widely regarded as the face of crypto, Coinbase (NASDAQ:COIN) is a blockchain infrastructure company updating the financial system with its trading, staking, stablecoin and other payment solutions.

*公司概述：Coinbase（NASDAQ：COIN）被广泛认为是Crypto的面孔，是一家区块链基础设施公司，通过其交易，Staking，StableCoin和其他支付解决方案更新金融系统。

* Sales Growth: A company’s long-term performance is an indicator of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Luckily, Coinbase’s sales grew at an incredible 60.3% compounded annual growth rate over the last five years. Its growth surpassed the average consumer internet company and shows its offerings resonate with customers, a great starting point for our analysis. Long-term growth is the most important, but within consumer internet, a half-decade historical view may miss new innovations or demand cycles. Coinbase’s annualized revenue growth of 57.7% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. This quarter, Coinbase generated an excellent 24.2% year-over-year revenue growth rate. However, its $2.03 billion of revenue fell short of the high expectations that Wall Street had set. Looking ahead, sell-side analysts expect revenue to grow 12.3% over the next 12 months, a deceleration versus the last two years. Still, this projection is above average for the sector and implies the market sees some success for its newer products and services.

*销售增长：公司的长期业绩是其整体质量的指标。即使是不好的生意也可以发光一个或两个季度，但是一个顶级的生意可以增长多年。幸运的是，在过去五年中，Coinbase的销售额增长了60.3％。它的增长超过了普通的消费者互联网公司，并显示其产品与客户产生共鸣，这是我们分析的绝佳起点。长期增长是最重要的，但是在消费者互联网中，十年历史的看法可能会错过新的创新或需求周期。在过去两年中，Coinbase的年增长率增长了57.7％，低于其五年趋势，但我们仍然认为结果表明了健康需求。本季度，Coinbase的同比收入增长率为24.2％。但是，其20.3亿美元的收入远远超过华尔街设定的高期望。展望未来，卖方分析师预计收入在未来12个月内增长12.3％，减速与过去两年。尽管如此，该领域的预测仍高于平均水平，这意味着该市场为其较新的产品和服务所取得了一些成功。

* Cash Is King: If you’ve followed StockStory for a while, you know we emphasize free cash flow. Why, you ask? We believe that in the end, cash is king, and you can’t use accounting profits to pay the bills. Coinbase has shown terrific cash profitability, driven by its lucrative business model that enables it to reinvest, return capital to investors, and stay ahead of the competition while maintaining an ample cushion. The company’s free cash flow margin was among the best in the consumer internet sector, averaging 25.9% over the last two years. Taking a step back, we can see that Coinbase’s margin dropped meaningfully over the last five years. It may have ticked higher more recently, but shareholders are likely hoping for its margin to at least revert to its historical level. If the longer-term trend returns, it could signal increasing investment needs and capital intensity. Coinbase burned through $182.7 million of cash in Q1, equivalent to a negative 9% margin. The company’s cash flow turned negative after being positive in the same quarter last year, which isn’t ideal considering its longer-term trend.

*现金是国王：如果您遵循StockStory一段时间，您知道我们强调自由现金流。为什么，你问？我们认为，最终，现金是国王，您不能使用会计利润来支付账单。 Coinbase表现出了出色的现金盈利能力，这是由其有利可图的业务模式驱动的，该模式使其能够重新投资，将资本返回投资者并保持竞争的领先地位，同时保持充足的垫子。该公司的自由现金流利润率是消费互联网行业中最好的现金流量，在过去两年中平均为25.9％。退后一步，我们可以看到Coinbase的利润在过去五年中有意义下降。它可能最近勾勒出更高的时间，但股东很可能希望它的利润率至少恢复到其历史水平。如果长期趋势回报，它可能会表明增加投资需求和资本强度。 Coinbase在第1季度以1.827亿美元的现金燃烧，相当于9％的利润率。该公司的现金流在去年同一季度的正面阳性后变为负面，考虑到其长期趋势，这并不理想。

Key Takeaways from Coinbase’s Q1 Results

Coinbase Q1结果的关键要点

We struggled to find many positives in these results as its revenue, EPS, and EBITDA fell short of Wall Street’s estimates. Overall, this was a softer quarter. The stock traded down 2.5% to $201.25 immediately after reporting.

由于其收入，EPS和EBITDA尚未估计，因此我们努力在这些结果中找到许多积极的结果。总体而言，这是一个柔和的季度。报告后立即下跌2.5％至201.25美元。

Coinbase (NASDAQ:COIN) underperformed this quarter, but does that create an opportunity to invest right now? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it’s free.

Coinbase（NASDAQ：COIN）表现不佳，但这是否创造了现在投资的机会？我们认为，最新季度只是长期业务质量难题的一部分。质量与估值结合使用，可以帮助确定股票是否是购买。我们在可行的完整研究报告中介绍了这一点，您可以在这里阅读，它是免费的。